Prudential Financial Services Corp. has changed its name effective Aug. 1 to Olympus Capital Corp. and has announced a new chief executive officer of the financial services organization.
The name change complies with a U.S. District Court order to eliminate confusion with national insurance concern Prudential Insurance Co. of America. The order resulted from a lawsuit brought by Prudential Insurance against the Utah-based financial services firm.Prudential Federal Savings and Loan, a subsidiary of Olympus Capital, will keep its name.
Gene Donovan, chairman of Olympus Capital, said University of Utah business professor Blaine Huntsman has been appointed chief executive officer replacing Donovan, who resigned as part of a management succession plan and for health reasons.
Huntsman was also appointed vice chairman of the board, chairman of the newly created strategic planning committee and as a member of the executive committee.
Kent W. Larsen remains president, chief operating officer of the holding company and Prudential Savings.
Huntsman teaches finance at the University of Utah and has served as Dean of the U.'s Graduate School of Business from 1975-80. A director of Dean Witter Reynolds, he has founded and co-founded serveral successful manufacturing, commercial and residential real estate development businesses.
Donovan has been with Prudential Federal since 1955 and was named president in 1963, then chairman in 1971. Under his leadership, the corporation has grown from $155.7 million to $842.3 million in assets and net worth has increased from $9.4 million to $53.2 million.